5:18 pm - Friday June 14, 0261

BASIC Bank MD removed

Bangladesh Bank (BB) on Sunday removed BASIC Bank Limited Managing Director (MD) Kazi Faqurul Islam on charge of irregularities and corruption.

Kazi Faqurul Islam has been removed with immediate effect as he indulged in financial irregularities while disbursing loans violating the central bank’s directives, BB General Manager AFM Asaduzzaman told UNB over phone.

Basic bank MDIrregularities in the bank came to the fore early last year.

BB inspections found that the bank approved loans of Tk 4,500 crore, mostly without proper documentation and scrutiny.

Most of the irregularities took place in BASIC Bank’s four branches — Motijheel, Shantinagar, Dilkusha and Gulshan — that granted loans of Tk 4,424.93 crore between December 2009 and November 2012 on poor documents and inflated mortgages.

The bank gave loans to nonexistent companies and promptly approved loans to clients after they had opened accounts.

Courtesy: UNB